The Microtomes Market is Expected to Reach USD 177 Million by 2024 from USD 129 Million in 2019, at a CAGR of 6.5%

High prevalence of cancer, growing demand for digital pathology, and increasing healthcare expenditure are expected to drive the overall growth of the microtomes market

This market is experiencing significant growth due to the growing demand for digital pathology, high prevalence of cancer, and increasing healthcare expenditure. Also, the increasing focus on personalized medicine and the emerging economies are offering growth opportunities for players in the microtomes market. However, a lack of skilled professionals to operate microtomes is expected to restrain the growth of this market during the forecast period.

Disease diagnosis is expected to dominate the market during the forecast period.

Based on application, the microtomes market is segmented into disease diagnosis and medical research. Disease diagnosis accounted for the larger market share in 2018, as compared to other segments. Growth in the geriatric population and the increasing incidences of cancer and other chronic diseases are the factors contributing to the larger market share.

Hospital laboratories to witness the highest growth in microtomes market, by the end-user, in 2018

Based on end-user, the microtomes market is segmented into clinical laboratories, hospital laboratories, and other end users. The hospital laboratories segment accounted for the largest market share in 2018 as well as the highest CAGR during the forecast period. The large share and the highest growth of the hospital laboratories segment are attributed to the increasing number of patient visits to hospitals, rising number of in-house clinical diagnostic procedures performed in hospitals, growing awareness regarding early diagnosis, and the availability of reimbursements in developed markets for clinical tests performed in hospitals.

North America to dominate the market during the forecast period

Geographically, the microtomes market is segmented into North America, Europe, the Asia Pacific, and Rest of the World. In 2018, North America accounted for the largest share of the microtomes market. Growing opportunities for advanced cancer diagnostic testing and screening, the easy accessibility to advanced technologies, favorable reimbursement scenario for anatomic pathology diagnostic tests, increasing healthcare expenditure, and the presence of high-quality infrastructure for hospitals and clinical laboratories in the region are the major factors driving the growth of the microtomes market in North America.